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Uganda’s Financial Institutions Embark on Compliance Training to Combat Financial Crimes

Kampala, Uganda

In a significant move to enhance financial integrity and combat financial crimes in Uganda, the Financial Intelligence Authority (FIA) has successfully concluded a comprehensive Compliance Training and goAML Onboarding program. The initiative, sponsored by the United Nations Office on Drugs and Crime (UNODC), brought together professionals from various financial institutions licensed by the Capital Markets Authority.

Key Highlights of the Training Program

• Compliance Training Sessions: Provided an in-depth understanding of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations, industry best practices, and emerging global trends.
• goAML Onboarding: Introduced participants to a robust software solution designed to streamline reporting processes for financial institutions.
• Interactive Workshops and Case Studies: Emphasized the importance of proactive risk-centric approach to compliance.
• Networking Opportunities: Fostered collaboration among professionals from various financial institutions.

UNODC Sponsorship

The UNODC’s sponsorship underscores the significance of international collaboration in combating money laundering and terrorism financing. Their support has contributed to strengthening Uganda’s financial sector and positioning the country as a responsible member of the global financial community.

Impact and Path Forward

The Compliance Training and goAML Onboarding program represents a significant step towards enhancing Uganda’s financial sector resilience against illicit activities. By empowering financial institutions with the knowledge and tools necessary for combating money laundering and terrorist financing, the FIA is contributing to creating a safer and more secure financial landscape. With sustained dedication and collaboration among stakeholders, Uganda is poised to cement its financial integrity and shield its economy against financial crime threats.

Conclusion

In conclusion, the successful completion of the Compliance Training and goAML Onboarding program marks an important milestone in Uganda’s efforts to combat financial crimes. The initiative highlights the FIA’s commitment to enhancing the nation’s financial sector resilience and fostering international collaboration to address global challenges.